Financial Planning – Hazel Crest
The most popular misconception regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make wise investment decisions, but there is a lot more to it. Financial Planning is the method of creating strategies to help you manage your financial affairs effectively and meet financial targets. It's a holistic method that helps you make smarter decisions by turning vague objectives into concrete strategies, giving a map for action. Having a financial plan - and sticking to it - gives you a real advantage with regards to planning your retirement and also other long-term financial and life goals.
Financial Planning For the Future - Hazel Crest
Often folks say that they're saving for retirement or saving for their little one's education. They sound like specific goals, however they are really quite vague. Financial planning can discover the key numbers - How much must you save and by when? If you are not sure whether you'll have enough to live on post-retirement, it can create stress and anxiety. But when you know what you have to do and that you are following the financial plan, it provides peace of mind and assurance. When your situation changes from single to married, from renting to buying a home, having children or caring for aging parents, financial planning can help you make better-informed decisions.
Certified Financial Planners - Hazel Crest
Many people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed options and prudently use the limited resources for attaining financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial targets, but you only have Rs. 1,000 extra each year to achieve these objectives, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the secure feeling of knowing that an expert has reviewed your circumstances and that you are doing something positive for your financial predicament. Financial planning supplies a map with an action plan that - if followed faithfully - will take you where you want to go fiscally.
Missing the big picture is a problem seen all too often with clients. If you are devoted to the near-term rather than on broader long-term implications, then you might end up impairing the accumulation of wealth. For example, counting on pre-tax returns for financial decision-making instead of understanding that different types of investments are subject to differing tax rates might be damaging for your financial wellness. A Certified Financial Planner can make you understand that the kind of investment you choose impacts the after-tax return. Keep in mind, it isn't about the returns an investment creates; it's about the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you are worried about and you fail to realize that there will be a drag on the ultimate amount of cash you will have because of the tax liability that is awaiting you.
Impact of Financial Planning - Hazel Crest
The influence of sound financial planning on overall financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the heart, each one of the various aspects of your financial life - like purchasing a house, saving for retirement, planning for your children's education, owning your ideal car, debt management etc - are spokes on the wheel. Once you start to make progress along each one of those spokes, you'll start to gain traction overall, and you will see your ability to realize your financial targets really start to take off. Additionally, we all know that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who've mapped out a financial path appreciate greater well-being, fret less, sleep better and have strong relationships.
Financial Planning is really a life process. Ideally, you should meet a financial planner as early as possible in your lifetime and generate a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on track.
For more information, please do not hesitate to contact us at any time and we'll be glad to help you!
